EL PASO, Texas – NCUA liquidated El Paso’s FCU Friday night and assigned the remnants of the one-time $6 million credit union to $450 million El Paso Area Teachers FCU.
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The 60-year-old credit union, chartered to serve workers at the old Asarco smelter, was the 17th credit union failure of 2012. NCUA defines a failure as either an involuntary liquidation or an assisted merger.
The tiny credit union, originally El Paso Smelter FCU, lost $63,000 for the first six months of the year and lost $118,000 for 2011.
